# $STUD token

$STUD represents part of the horse's breeding career . This is a contract between the owners of the token and Part Of Dream, guaranteeing them a share in the breeding rights if the horse becomes a stallion.

The token has a different underlying depending on the horse's status:

* Before becoming a stallion, $STUD token holders have the exclusive right to use the foal as a racehorse and potential breeding stallion;
* when the horse becomes a stallion, owners of the $STUD token own the stud farm. 

Holders do not own its racing career. In this way, the horse races under the contractually-defined colors of the managing partner/owner. POD contracts directly with the stables, which retain ownership of the horses and responsibility for their breeding. The horse's managing partner is defined contractually.

Each breeding career is fragmented at 1/1000th and tokenized in the form of a series of $STUD.

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| <p><em>Please note:</em> </p><p><em>The following description of token rights applies to horses based in France and competing in trotting.</em></p><p><em>Whatever the discipline, the nature of the rights linked to the token is the same, always in accordance with the jurisdiction of the haras where the horse is stationed.</em></p><p><br></p> |
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